REFKA: what changed
Two financial years side by side, explained: what moved most in the balance sheet and the result, why the result rose or fell, and where the money went.
REFKA
Largest movements
- Tangible fixed assets +€24,568
new in 2025: €24,568
- Receivables within one year -€7,901
down €7,901 (-34.6%), from €22,861 to €14,960
of which Trade receivables: -€14,255
- Cash +€579
up €579 (+7.9%), from €7,333 to €7,912
mainly Debts after one year (+€18,857) and Receivables within one year (+€7,901)
- Debts after one year +€18,857
new in 2025: €18,857
- Trade debts -€9,474
down €9,474 (-96.7%), from €9,795 to €321
- Other debts +€5,937
up €5,937 (+125%), from €4,756 to €10,692
- Current portion of long-term debt +€4,282
up €4,282 (+246%), from €1,740 to €6,022
- Profit (loss) carried forward -€3,706
down €3,706 (-46.2%), from €8,018 to €4,312
- Purchases and services +€51,969
up €51,969 (+86.9%), from €59,827 to €111,796
- Gross operating margin -€13,065
down €13,065, from €10,360 to -€2,705
- Taxes -€2,026
no longer reported in 2025 (was €2,026)
- Depreciation +€792
new in 2025: €792
From the 2024 result to the 2025 result
Each bar is the change in one income-statement line, as its effect on the result: higher costs pull it down, higher income lifts it.
Derived cash bridge
Derived from the 2024 and 2025 balance sheets and the 2025 result: not a filed cash-flow statement. It shows where the money came from and went.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €30,287 | €47,533 | +€17,247 | +56.9% |
| Fixed assets | 21/28 | €94 | €24,662 | +€24,568 | +26,273% |
| Tangible fixed assets | 22/27 | - | €24,568 | +€24,568 | |
| Furniture and vehicles | 24 | - | €24,568 | +€24,568 | |
| Financial fixed assets | 28 | €94 | €94 | = | 0.0% |
| Current assets | 29/58 | €30,193 | €22,872 | -€7,322 | -24.2% |
| Amounts receivable within one year | 40/41 | €22,861 | €14,960 | -€7,901 | -34.6% |
| Trade receivables | 40 | €17,090 | €2,835 | -€14,255 | -83.4% |
| Other amounts receivable | 41 | €5,771 | €12,125 | +€6,354 | +110% |
| Cash at bank and in hand | 54/58 | €7,333 | €7,912 | +€579 | +7.9% |
| Total equity and liabilities | 10/49 | €30,287 | €47,533 | +€17,247 | +56.9% |
| Equity | 10/15 | €10,518 | €6,812 | -€3,706 | -35.2% |
| Contributions | 10/11 | €2,500 | €2,500 | = | 0.0% |
| Contributions outside capital | 11 | €2,500 | - | -€2,500 | |
| Other | 1109/19 | €2,500 | - | -€2,500 | |
| Profit (loss) carried forward | 14 | €8,018 | €4,312 | -€3,706 | -46.2% |
| Amounts payable | 17/49 | €19,769 | €40,721 | +€20,952 | +106% |
| Amounts payable after more than one year | 17 | - | €18,857 | +€18,857 | |
| Financial debts | 170/4 | - | €18,857 | +€18,857 | |
| Amounts payable within one year | 42/48 | €19,769 | €21,865 | +€2,096 | +10.6% |
| Current portion of amounts payable after more than one year | 42 | €1,740 | €6,022 | +€4,282 | +246% |
| Trade debts | 44 | €9,795 | €321 | -€9,474 | -96.7% |
| Suppliers | 440/4 | €9,795 | €321 | -€9,474 | -96.7% |
| Taxes, remuneration and social security | 45 | €3,478 | €4,829 | +€1,351 | +38.8% |
| Taxes | 450/3 | €3,478 | €1,329 | -€2,149 | -61.8% |
| Remuneration and social security | 454/9 | - | €3,500 | +€3,500 | |
| Other amounts payable | 47/48 | €4,756 | €10,692 | +€5,937 | +125% |
| Goods, raw materials, services and sundry goods | 60/61 | €59,827 | €111,796 | +€51,969 | +86.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | - | €792 | +€792 | |
| Gross operating margin | 9900 | €10,360 | -€2,705 | -€13,065 | |
| Operating profit (loss) | 9901 | €10,360 | -€3,497 | -€13,857 | |
| Financial income | 75/76B | - | €18 | +€18 | |
| Recurring financial income | 75 | - | €18 | +€18 | |
| Financial charges | 65/66B | €317 | €227 | -€90 | -28.4% |
| Recurring financial charges | 65 | €317 | €227 | -€90 | -28.4% |
| Profit (loss) for the period before taxes | 9903 | €10,044 | -€3,706 | -€13,749 | |
| Income taxes | 67/77 | €2,026 | - | -€2,026 | |
| Profit (loss) for the period | 9904 | €8,018 | -€3,706 | -€11,723 | |
| Profit (loss) for the period to be appropriated | 9905 | €8,018 | -€3,706 | -€11,723 |
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 14 October 2026 via checked.be.